How to Get Ahead in Robotics industry with Space Robotics
Posted by Akshata Sharma on July 31st, 2019
Space Robotics Market by Solution, Services (Satellite Servicing, On-orbit Assembly & Manufacturing, De-orbiting Services, Re-supply, Surface Mobility, & Launch Support), Application, End-User, and Region - Global Forecast to 2023", the market is estimated to be USD 2.88 billion in 2018 and is projected to reach USD 4.36 billion by 2023, at a CAGR of 8.64% from 2018 to 2023
Based on solution, the satellite servicing segment is estimated to lead the space robotics market in 2018
Based on solution, the satellite servicing segment is estimated to lead the space robotics market in 2018. Growth of this segment can be attributed to an increase in the number of satellites required to be retired every year, advancements in the autonomous systems technology, and increase in space exploration activities are expected to lead to the expansion of capabilities of satellite operators, space agencies, and satellite manufacturers, among others.
Based on application, the near space segment is projected to grow at the highest CAGR during the forecast period
Based on application, the in-space maintenance & inspection su bsegment of the near space segment is expected to grow at the highest CAGR during the forecast period. Growth of this segment can be attributed to several scheduled space exploration missions in the near future, which are expected to require satellite servicing and on-orbit manufacturing and assembly, contributing to the growth of the near space segment of the space robotics industry. For instance, Made In Space (US), a US-based company, worked with NASA to create a 3D printer for the manufacture and development of space systems in the International Space Station (ISS). Made in Space is working on a new 3D printer, Archinaut, which is expected to be able to 3D print the entire exterior of the satellite station.
Based on end user, the commercial segment of the space robotics market is projected to grow at a higher CAGR from 2018 to 2023
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Based on end user, the commercial segment is expected to grow at a higher CAGR, as compared to the government segment during the forecast period. The growth of the commercial segment can be attributed to the focus of various commercial space entities on space robotics for satellite operations, space exploration activities, on-orbit manufacturing & assembly operations in the solar system and beyond planet Earth.
Basis of platform, the military robots industry has been segmented into land robots, marine robots, and airborne robots. The land robots segment is projected to grow at the highest CAGR during the forecast period. The rising demand for land robots can be attributed to several factors, including increasing demand for land robots in counter-IED operations, replacement of existing warfare platforms with unmanned systems, etc.
The number of military robots in the defense sector has increased considerably in the past few years, mainly driven by the high number of new robotic platforms manufactured worldwide. These unmanned platforms are needed with weapons and sensors that can be operated remotely and safely. The overall industry is led by the Intelligence, Surveillance, and Reconnaissance (ISR) application segment, and this segment is expected to witness considerable growth in the coming years.
Based on mode of operation, the military robots market is led by the human operated segment. The autonomous segment is expected to grow at the highest CAGR in the coming years; this can be attributed to the growing demand for fully and semi-autonomous military robots.
The Europe market is expected to exhibit the highest growth during the forecast period. A key driver of the military robots market in the European region is the continuous upgrade of warfare platform for technology. France, Germany, and the UK are the major countries that are investing in military robots and related technologies.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period in the robotics and automation actuators market.
The robotic and automation actuators market has been growing at a significant rate, and this trend is expected to continue during the forecast period. However, development of advanced and cost-effective robotics and automation actuators, and increasing demand for industrial robots and process automation in different industrial verticals are some of the opportunities impacting the growth of the robotics and automation actuators industry. China and Japan are primarily investing in robotics and automation to enhance and gain a tactical edge. This is an excellent opportunity for robotics and automation actuator manufacturers to strengthen their businesses in the Asia Pacific region.
Exhaustive secondary research was undertaken to obtain information on the Aviation MRO market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing by industry experts across the value chain through primary research. Both, top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the size of segments and subsegments.
About the AuthorAkshata Sharma
Joined: July 22nd, 2019
Articles Posted: 107
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